Chainlink (LINK) Price Surges to Near $10 Amid Whale Accumulation

4:15 pm
October 22, 2023

Chainlink (LINK) price has experienced a significant surge of over 23% in the past week. The increase in price has been attributed to whale accumulation and massive uptake on South Korea exchanges Bithumb and Upbit. As a result, the price of LINK reached its highest level since May 2022, trading above $9.75. This positive momentum in the broader crypto market has contributed to the rise in LINK’s price, with a 13% increase in the past 24 hours and a 23% increase in the past week.

Why has LINK price been soaring?

Chainlink, known for its oracle network, has been gaining significant adoption, especially after the launch of its Cross-Chain Interoperability Protocol (CCIP). This achievement, combined with the recent bullish sentiment in the crypto market, has made LINK one of the top performers. On-chain analytics and smart money account Lookonchain have reported that the surge in LINK price coincided with whale accumulation on Bithumb and Upbit, with the two exchanges accumulating 945K LINK worth about $9 million.

Currently, exchanges hold approximately 202.6 million LINK, accounting for 20.26% of the total supply, valued at around $1.9 billion. Several giant whales hold significant amounts of LINK, with one whale owning over 11 million tokens and another owning over 8.35 million tokens across multiple addresses.

Chainlink price outlook

Chainlink’s native token has seen an upward trend over the past year, reaching a 52-week high. However, the price has mainly been constrained below the $8.60 mark, with a low of $4.77 in June. On-chain data suggests that whales may be looking to take profits after accumulating heavily in recent weeks, potentially leading to some downside pressure on LINK’s price.

Investors should remain cautious of whales selling LINK for profit. While continued whale accumulation hints at a possible near-term price explosion, the spike in price to near $10 could introduce some sell-off pressure.

FAQs

What is Chainlink (LINK)?

Chainlink is a decentralized oracle network that aims to connect smart contracts with real-world data, enabling them to interact with external sources efficiently. It provides reliable and tamper-proof inputs and outputs for smart contracts on various blockchain platforms.

What is whale accumulation?

Whale accumulation refers to the process of large investors, known as whales, acquiring a substantial amount of a particular cryptocurrency. This accumulation often indicates positive sentiment and can drive up the price of the cryptocurrency. However, it can also lead to potential sell-offs and price volatility.

Which exchanges have witnessed whale accumulation of LINK?

In the case of Chainlink (LINK), most of the whale accumulation and massive uptake have been observed on South Korean exchanges Bithumb and Upbit.

What is the current price of Chainlink (LINK)?

At the time of writing, Chainlink (LINK) is trading at around $9.75, reaching its highest level since May 2022.

What is the total supply of Chainlink (LINK)?

The total supply of Chainlink (LINK) is approximately 202.6 million tokens.

What is the value of LINK held by exchanges?

Exchanges currently hold approximately 202.6 million LINK, valued at about $1.9 billion. This represents 20.26% of the total supply.

Summary

Chainlink (LINK) price has surged by more than 23% in the past week, reaching its highest level since May 2022. This increase in price can be attributed to whale accumulation and massive uptake on South Korea exchanges Bithumb and Upbit. Chainlink’s strong adoption and the launch of its Cross-Chain Interoperability Protocol (CCIP) have also contributed to its positive performance. However, investors should remain cautious as whales may look to take profits, potentially impacting the price. As of now, Chainlink is trading at around $9.75, close to the $10 mark.


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